Why You Need Multiple Streams of Income
You are more than likely already receiving multiple streams of income in your household. For example, your spouse may be working a full-time or part-time job; and, possibly your children, if they are of age, may be working during the summer to either contribute to the household, save money for college, purchase school clothes, etc. Because of the economy, building a portfolio of many multiple streams of income has become a necessity.
Why is multiple streams of income important? If one stream of income coming into the household is no longer available because of a loss of a job or perhaps disability, then living on one income and trying to maintain your current lifestyle prior to this loss, can be devastating to a family. Such loss of income possibly could result in one family member working two jobs, a stricter budget, loss of a home, etc.
You see, in schools, they do not teach us about money. What we do know is absorbed from our parents or from 'hard-knocks,' when we are old enough to leave our parents home and have to fend for ourselves. However, those who are prosperous know that having a diversified portfolio with many streams of income is important. If one source of income dries up, then they can tap into their other sources of income; thus, with a loss, they are still comfortable, stable, safe and are able to comfortable replenish the dried source. This is why it is so important to build a portfolio with many streams of income. If you stay ready, you do not have to get ready.
Remember, you cannot totally depend on your job for your livelihood. A job is only temporary, and in today's economy, no one's job is safe. It is risky to have it as being the only source of income for your household.
The most important thing that you need is multiple streams of income.
If you are ready to diversify your portfolio with many multiple streams of income, connect with me by e-mail, Facebook, or telephone. I would love to share what I do, and love helping people to learn how to not only save money but also manage and earn money!
My contact information is below.
Barbara "Babs" Asante
Online Success Coach